Property

AXA Property Insurance

Protects the owner against accidental loss or damage to buildings, fittings and fixtures, machinery, furniture, stock, and the consequential loss of profits. As a significant player in the Commercial Property Insurance market, AXA Gulf provides comprehensive cover for industrial and commercial clients from SME to large companies in the region.

Why AXA Insurance

Instant cover

Tailored options and extensions

Fastest possible claims settlement

Present in the region for more than 65 years

We offer three different products

Fire & Allied Perils

Basic cover designed to protect your properties in the event of fire, flood, vehicle impact, and standard perils as mentioned in the policy.

Standard cover - AXA's standard cover can be combined with a complete set of optional extensions specific to your activity.

Product Details

Fire & Allied Perils Insurance Policy provides comprehensive protection including fire, lightning, storm, hurricane, earthquake, flood, impact damage, etc as mentioned in the policy. The sum insured may be either on the basis of the actual value or the new replacement value of the property. The policy is usually issued on an annual basis.

Extensions are available for enhancing the covers in terms of additional exposure.

Costs and expenses consequent to a loss

Architects fee

Debris removal expenses

Capital addition of assets

Temporary removal of property

Cover on reinstatement value (new for old) basis for property other than stock

Periodical declaration facility of stock sum insured

Exclusions

Some of the important exclusions are losses directly or indirectly resulting from

Standard cover - AXA's standard cover can be combined with a complete set of optional extensions specific to your activity.

Product Details

This product provides comprehensive protection including fire, lightning, storm, hurricane, earthquake, volcanic eruption, flood, impact damage, etc other than those few mentioned as ‘exclusions’ under the policy. The sum insured may be either on the basis of the actual value or the new replacement value of the property. The policy is usually issued on an annual basis.

Possible extensions/alternate solutions

Extensions are available for enhancing the covers in terms of additional exposures, costs and expenses consequent to a loss. Some of the important ones are listed below:

Architects fee

Debris removal expenses

Capital addition of assets

Temporary removal of property

Cover on reinstatement value (new for old) basis for property other than stock

Periodical declaration facility of stock sum insured

Exclusions

Some of the important exclusions are losses directly or indirectly resulting from:

Why Consequential Loss of Profit Insurance?

Loss of Profits policy is intended to cover loss of “Gross Profit” following material damage as a result of fire, lightning, storm, hurricane, earthquake, volcanic eruption, flood, impact damage, etc (or other insured peril) at your premises. This policy operates only when there is an admissible claim under the property material damage policy. Subject to certain limitations, this includes additional expenditure which is incurred for the sole purpose of avoiding or reducing a reduction in turnover.

Key Benefits

Broader coverage with fewer limitations

Flexibility to design the policy as per your needs

Coverage can be extended to include professional accountants charges and claims preparation expenses

Product Details

In simplest terms, the business interruption policy is designed to restore the business to the same financial position as if the loss had not occurred.

To obtain Loss of Profits, it is always essential that you have a Material Damage policy in force, covering your premises for the same period. The interruption period starts from the date of the loss and extends to when the business’s turnover and profit levels are back to where they would have been but for the loss. There is a limit set on this interruption period and termed as the ‘Indemnity Period’ which is chosen when the cover is taken out and is recorded in months.

Extensions

It is essential that a Loss of Profits policy is “tailor-made” to meet your exact requirements; therefore, there are many extensions or “optional extras” that can be added to the basic cover. On request the policy can be extended to cover wages, auditor’s fees, etc. Some of the extensions available are briefly explained as follows:

Professional accountants charges This extension intends to cover reasonable professional accountant charges incurred in producing any detail or any other information or evidence reasonably required for the purpose of verifying any claim.